Banks that foreclose very seldom will finance the purchase for the new buyer- the property is on their books as a loss, and its "poison"- they need to get it off the books!
When I worked for Farm Credit, I got a couple of great loans after their present lender sent them my way- the loan got in trouble, but something happened in the meantime to greatly improve it (new management, change in operation, etc.), and former lender was excited about its prospects, but his regulators basically insisted he get it off the books. One turned out (after son took over management and banned scammer Dad from the property) to be the most profitable dairy I ever handled, bar none.
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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